[Form 4] PIPER SANDLER COMPANIES Insider Trading Activity

Rhea-AI Filing Summary

Ann C. Gallo, a director of Piper Sandler Companies (PIPR), reported a transaction dated 09/12/2025 that increased her beneficial holdings to 1,198 shares of common stock equivalent. The Form 4 shows a transaction coded A with a price of $0, and an explanation that dividend equivalents on phantom stock were reinvested into additional phantom shares under the directors' deferred compensation plan. Those phantom shares are payable in an equal number of common shares on the last day of the year in which the reporting person’s service as a director terminates. The filing was signed on behalf of Ms. Gallo by James Grant on 09/15/2025.

Positive

• Increased beneficial ownership: Reporting person’s holdings rose to 1,198 share equivalents, indicating greater alignment with shareholder outcomes through equity-linked compensation
• Non-cash plan reinvestment: Transaction reflects dividend-equivalent reinvestment under the directors' deferred compensation plan, preserving cash while accruing equity value

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director deferred-compensation reinvestment increases beneficial ownership to 1,198 share equivalents; not a market-moving event.

This Form 4 documents a non-cash acquisition arising from dividend-equivalent reinvestment into phantom stock under the directors' deferred compensation plan. The transaction is coded as an acquisition at $0, reflecting internal plan mechanics rather than open-market buying. For governance review, this shows continued alignment of a director with shareholder outcomes via equity-linked compensation, and the phantom shares only convert to actual shares upon termination of service, which preserves retention incentives.

Securities Analyst

TL;DR: Insignificant for valuation; transaction increases reported beneficial ownership but involves deferred, non-tradable phantom shares.

The Form 4 indicates the director received additional phantom-share units through reinvested dividend equivalents, recorded as an acquisition on 09/12/2025 and increasing beneficial ownership to 1,198 shares. Because the units are payable in common stock only upon termination of directorship, there is no immediate change to the company’s share float or a cash-based purchase to signal demand. This is a routine disclosure of compensation-plan activity rather than a signal of insider trading intent.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Gallo Ann C

(Last) (First) (Middle)

350 NORTH 5TH STREET, SUITE 1000

(Street)

MINNEAPOLIS MN 55401

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PIPER SANDLER COMPANIES [ PIPR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/12/2025		A		3(1)	A	$0	1,198	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Dividend equivalents that are paid on shares of phantom stock are deemed reinvested in additional shares of phantom stock as of the payment date. These phantom shares accrue to the reporting person's account in the directors' deferred compensation plan. The shares of phantom stock become payable, in an equal number of shares of common stock, on the last day of the year in which the reporting person's service as a director terminates.

Remarks:

	/s/ James Grant for Ann C. Gallo	09/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Ann C. Gallo report on the Form 4 for PIPR?

The Form 4 reports a transaction on 09/12/2025 where dividend equivalents were reinvested into phantom stock, increasing beneficial ownership to 1,198 shares equivalent.

Was the reported transaction an open-market purchase for PIPR shares?

No. The filing shows a $0 price and an explanation that the change arose from reinvested dividend equivalents into phantom stock under a director deferred compensation plan.

When do the phantom shares convert to actual PIPR common shares?

The phantom shares become payable in an equal number of common shares on the last day of the year in which the reporting person’s service as a director terminates, per the filing.

Who signed the Form 4 and when was it signed?

The Form 4 was signed on behalf of Ann C. Gallo by James Grant on 09/15/2025.

Does this Form 4 change Piper Sandler's outstanding share count?

No. The filing documents deferred-compensation phantom-share activity and does not indicate issuance of tradable shares on the transaction date.